The septuagenarian billionaire Carl Icahn gave up his position to oppose Dell Inc.'s leveraged buyout to its founder Michael Dell and private equity firm Silver Lake Partners. Icahn wrote in his letter to shareholders on Monday that recent events leading to Michael Dell gaining the advantage to get an approval for the American multinational computer technology sale was things he cannot overcome.

He wrote, "I realize that some stockholders will be disappointed that we do not fight on. However, over the last decade, mainly through 'activism' we have enhanced stockholder value in many companies by billions of dollars."

Chanceollor Leo Strine of Delaware's Court of Chancery passed a ruling that the change to shareholder voting rules were consistent with the corporate laws of its state. Icahn was against the voting changes that were repotedly in favor with Michael Dell and Silver Lake to get an approval for the buyout. The shareholder vote was scheduled for Thursday. Icahn's actions, on the other hand, had lead for Dell to get a better offer from Michael Dell and Silver Lake. 

Icahn concluded that although he relented to fighting off the sale of Dell, he would still be voting no to the deal on Thursday's shareholder meeting. He also said that he would be seeking an appraisal of his stake in Dell in court.